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News Article Comments : Greene King 'cautiously optimistic'
Greene King is looking forward with “cautious optimism” after a 1.3% rise in revenue to £942.3m for the 52 weeks to 3 May.
Operating profit dipped 6.7% to £231.8m and profit before tax was down 15% to £139.4m but it reported a like-for-like sales increase of 1.7% in its managed division and that its tenanted division had stabilised. Own brewed beer volumes have also risen 1.8% over the year.
Leased pubs
Revenue at its Pub Partners division was down 5.4% at £155.2m, with operating profit down 11.3% to £70.9m. A total of £7m was invested with an additional £6.3m on capex schemes and £3.3m on repairs. An average of 1,445 sites traded over the period with a total of 1,391 trading at the end of the period following closures or sales.
Earnings Before Interest, Tax, Depreciation and Amoritisation per pub was down 6.7%. Following its resturcturing of the leased estate into the Core estate and Independence Pub Company, 12 pubs are now totally free of tie and 46 are operating on a partial
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john morphew 02/07/2009 16:11:38 |
RE: Greene King 'cautiously optimistic' I would like to know where this £4 million in tenant support has gone. I do not know of anyone who has received it. I have been asking for help for over two years now with no response, paying almost £600 per week representing about 28% of turnover. Greene King are no better than Enterprise or Punch, trying to hide behind a caring company image that masks the true corporate greed of this company. This post replies to this thread |
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Karen Ward 02/07/2009 16:57:22 |
RE: Greene King 'cautiously optimistic' I to would like to know where the support is we havent had any help at all, when I asked about going free of the tie I was told this is only avaliable for new tennants.What about the tennants that have worked hard for years for Green King? Also they would save money if they stopped sending huge boxes by special delivery which contain a poster!The other thing which is a big con is the £98.oo maintenance we pay every month what is it for?We end up doing it ourselves its quicker & less hassle. This post replies to john morphew > RE: Greene King 'cautiously optimistic' |
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| john morphew 02/07/2009 18:35:50 |
RE: Greene King 'cautiously optimistic' Ever tried to get anything done under the maintenance scheme which cost us over £1000 a year. It seems when I phone its always my responsibility. What we are charged for are the statutory gas and electric checks which should be the responsibility of the landlord as in the private sector but instead we are told that if we do not pay into the scheme we will be charged for these checks. Add to this the fact that if we want the privilege of receiving invoices for anything we must pay £5 per item. Anyone considering a tenancy with this or any similar company should think long and hard.Dont fall for the old chestnut about the cheapest entry into the trade, use your money and buy a free house and do not fall into the clutches of these greedy companies who will smile while they are screwing you into the ground. They are sitting in their comfortable corporate chairs on fat salaries laughing at us, secure in the knowledge that there are other mugs out there believing the rhetoric. This post replies to Karen Ward > RE: Greene King 'cautiously optimistic' |
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info man 02/07/2009 19:08:56 |
RE: Greene King 'cautiously optimistic' Excellent posts, they show just how diseased the industry is whether it be the enterprise, punch,green king, trust inns, admiral or s&n who are under the spot light. (apologies to those companies I have missed). Only with us banding together will things change. Publicans have come such a long way in the last year on exposing how some members of the industry act. Many have been forced out of business by these companies and many more are on the edge. Who would have thought that the BEC report would have taken place at all and that it's findings would have been so damning. Don't buy all this lip service, real changes will not happen unless forced . It may be worth speaking to someone about this arrangement as if the landlord had legal responsibility why are you being charged? Surely you could get this carried out cheaper and demand back overpayments? As for paying for invoices you paid for the work so you should be given a copy of the report on site(it should consist if three copies anyway). Good luck. Info This post replies to john morphew > RE: Greene King 'cautiously optimistic' |
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| john morphew 03/07/2009 00:17:13 |
RE: Greene King 'cautiously optimistic' Infoman, I meant sales invoices, rent invoices and statements etc, we even get penalised for not ordering online, all promotions are denied to us if we dare to order via telesales, who they are trying to get rid of to save money. The next step, and believe me it will come, will be to charge us for deliveries, anything to keep the fat cats income increasing. This post replies to info man > RE: Greene King 'cautiously optimistic' |
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| info man 03/07/2009 00:34:28 |
RE: Greene King 'cautiously optimistic' So you have to order online? How do they expect you to give the information to your accountant?How can they deny you promotions for ordering via telesales, that puts everyone without the internet at an immediate competitive dissadvantage. These actions are bad and need to be remedied. Lets just hope the fat cats read these forums and make amends. I am all saving the planet and cutting down on paper but this has gone too far, where do they think the electricity comes from to use the internet? I prsume they havent fitted your pub with solar panels... This post replies to john morphew > RE: Greene King 'cautiously optimistic' |
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| john morphew 03/07/2009 09:57:38 |
RE: Greene King 'cautiously optimistic' all promotions are for online ordering only, if ,like me, you choose not to order online you get nothing, we are pariahs,the order line probably is routed through India to save money.I am forced into paying for a building insurance of which I have no knowledge, I have asked for the name of the company and policy number to make a claim but they will not comply, still want to be a Greene King tenant? This post replies to info man > RE: Greene King 'cautiously optimistic' |
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| john morphew 03/07/2009 10:19:59 |
RE: Greene King 'cautiously optimistic' Any way, one of the recent promotions, to selected houses only was a cheap lager excercise from unwanted stock they acquired when they took over the Bellhaven brewery in scotland. They were saddled with lager noone had heard of or wanted so some bright spark suggested selling it off as a promotion. Soon as stock was gone, promotion ended. Suppose that was part of the 4 million assistance. This post replies to this thread |
